Entrepreneur Skills and Strategies When Facing Product Design Failures

This report delves into the critical entrepreneur skills needed to navigate product design failures, using a case study to illustrate key concepts. The analysis covers essential aspects of new ventures, emphasizing the importance of market research, time management, and effective business planning. It explores the challenges faced by entrepreneurs, such as managing resources, setting realistic goals, and adapting to market feedback. The report also examines the role of entrepreneurial activities in shaping a business, including market research, business structure, branding, and obtaining necessary licenses. Furthermore, it discusses the significance of sound management practices and strategic planning within entrepreneurial ventures. The report also touches upon the role of entrepreneurs in contributing to society through sponsorships and welfare programs. The report concludes with a discussion on the importance of entrepreneurial activities such as market research, business structure, branding, and obtaining necessary licenses. This report is a valuable resource for students seeking to understand the complexities of entrepreneurship and the strategies needed to overcome product design challenges. It also highlights the importance of honesty, adaptability, and strategic planning for success in the business world. Students can find more resources, including past papers and solutions, on Desklib to further their understanding.

Running head: ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
Name of the Student
Name of the University
Author note

1ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
Part 1
Answer 1
A new venture requires proper research, time and focus. When starting a new venture
one must be organised, have plans ready and work on improving the quality of the product. In
this case, scenario, Bill got ahead of himself, while designing the microcomputers. As soon as
he delivered the government ordered computers, he began to take orders from the private
firms. Bill also did not take adequate time to supply the components to the private firm; he
took an order of average $400000 from six firms to be delivered in four months. Before
taking the orders from the private firms, he must have waited for a response from the
government, as to how the product is functioning. He must have also tested the product
himself to be sure about the working of the product. Bill should also have been honest with
the Private firms and should have told them about the design failure of the product. Over
valuing his knowledge he took hasty decisions and agreed to the contracts before examining
the design himself. Bill though understood the industry he did not understand the market. He
had vast knowledge about the product, however he did not have knowledge about how to start
a business. He set out goals for himself that were not attainable. He was certain that he would
do well in the business, yet he did not think about the other aspects that are needed to start a
business venture.
Answer 2
The problems that were faced by Bill were all the problems that could have been
solved easily. Bill must have been careful when designing the product. He must have checked
the product on each step before completing the final product, and even after completing the
product. He should have waited for a period of time before taking the orders from the private
firms, to receive the feedback from the government. He should have set out goals that were

2ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
attainable and not set goals that had be done in a fast-paced manner. Though he had an
extensive knowledge about the product, he should have done market research of the industry
and how much time he will require to submit the products. Hasty decisions in submitting the
product to the private firms should have been avoided by him. He should not have taken large
orders in a short span of time. He ought to have also told the private firms about the design
flaw as soon as he got to know about them, by telling the private firms about the design flaw
he would have made an impression of being honest and not someone who would deceive his
consumers. This would have helped him gaining more consumers and taking some time to
understand where the design flaw is and to rectify it as soon as possible. These problems can
be rectified by simply following the SMART goals that is specific, measurable, attainable,
and relevant and time based. The main problem that Bill faced was not giving proper time to
each goal and thinking about the other goal before completing the first goal.
Answer 3
There are numerous lessons that can be learnt from the case study about new ventures
that can be useful to entrepreneurs going into new business. The case study demonstrates the
importance of the time management and how there should be equal time and resources given
to each assignment. Receiving feedback is one of the most important objective of a new
venture. Receiving positive feedback will help the company grow and acquire more
consumers and by receiving criticism the business can know what they are doing wrong and
how it can be solved and use it for their own benefit. A new business venture must have goals
that can be measured, attained, is relevant, specific and time based. The new ventures should
not go ahead of themselves and must take time to grow, instead of leaping directly into the
market. The new ventures must test their products at each level and also at the end stage to
notice any flaw that is there in the product. Proper research in the development of the product
is also something that the new ventures must keep in mind. New ventures must also be honest

3ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
to the consumers and tell them about any defect that is found in their product to retain their
customers and get time from them to work on the product for a little time more to solve the
problem that is existing in the product.
Part 2
Answer 1
Part A
There are several ways in which an entrepreneur can contribute to the society. Two
ways that an entrepreneur can contribute to the society is by giving sponsorships and welfare
programmes (Kolk 2016). A company can give sponsorship to people that do not have strong
financial background for higher studies. The companies can also provide sponsorship to
orphans and orphanages for studies on all levels. The scholarships are provided to students
that cannot afford to spend money on education, however are keen on learning (Flöter,
Benkenstein and Uhrich 2016). These sponsorship programmes are one of the best ways to
increase the level of literacy in the society and give opportunities to people that deserve it, yet
cannot gain it without an external help. Goggle for example provides sponsorships to people
who cannot afford higher education.
An entrepreneur can also contribute to the society through the help of welfare
programmes. Welfare programmes include helping the blinds, the widows and the financially
backward people. The welfare programmes additionally include setting up of medical
facilities that can be provided to the people, opening up of schools and colleges that provide
education to people at a lower cost and they include helping the people during any natural
calamities like, earthquakes, floods, fires and other such disasters (Gottschalk 2018). Walt
Disney Company has come up with a program called VoluntEARS that encourage the
employees to contribute their time to the society for the upliftment of the society as a whole.

4ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
Part B
Many successful entrepreneurs come from Malaysia who have made their mark in the
world. The two most successful entrepreneurs are Jimmy Choo and Tony Fernandes. They
have certain characteristics that have helped them in becoming who they are today.
Jimmy Choo
He is a Malaysian shoe designer that is based in London. His company is known for
making one the best shoes for women. It is considered to be a luxury product. There are
certain characteristics that helped him to achieve success
 He is a visionary who is a creative and innovative entrepreneur. He was focused
and set out his goal that he had to achieve, he faced many problems before
becoming successful, however he was enthusiastic and optimistic in achieving his
goals.
 He is an entrepreneur who is goal oriented and is known for marketing shoes on
the basis of the demand and the needs. His main objective was to provide
luxurious shoes that were comfortable.
 He is one of the most observant entrepreneur; he learned the craft of making shoes
from his father and from a young age of 11 was able to make his first pair of
shoes. He is an attentive person who gave attention to the changes in trends and
the needs of the people.
 He had good networking skills that helped him gain customers and popularity.
Tony Fernandes
Tony Fernandes is known as the founder of Air Asia. He introduced the airline as a
budget friendly airline that could be used by everyone. The characteristics that helped him to
gain success:

5ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
 He is a risk taker as he started his business after the terror attacks of
September 11. He had little knowledge about the airline industry and decided
to buy the airline to venture into this industry.
 He is a team-oriented person and believes that the employees are who make
the business and having their support is what will help the business grow.
 He follows a policy of open culture in his company which encourages
employees to approach him for any help that is required by them.
 He is a proactive planner and plans ahead on and is ready for any challenges
that come his way.
Answer 2
Entrepreneurial activities shape the business and help it achieve its goal. The
entrepreneurial activities that are the most important are doing market research, deciding on
the structure that the business will follow, coming up with a name for the business, having a
website and getting all the permits and licenses (Levie, et al 2014).
 Market research will help the business know whether their product or service
will sell or not. The needs of the consumers must be analysed before the start
of the business to know if the product or service is suitable for the market or
not. The target group of the company must be well defined and must know if
there business is on a large scale or on a small scale.
 Deciding on the structure of the business is an important aspect for a new
business as it will define the working of the company. A company has to
choose between partnership, corporation, a limited company or a sole
proprietor. This will help the company in knowing how to work and what
regulations it must adhere to.

6ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
 Naming the company is one of the most vital steps as this is the way in which
people will get to know about the business. The name must be something that
is suitable for the business and creates a segment for itself. The name should
not be over complicated that it confuses the customers; however, it should also
be not similar to any existing names that are there in the market.
 By having all the licenses and permits the company can save itself from a lot
of legal trouble. The main license that is required is the business license and
depending on the business category, other licences might also be required.
Licenses are required for manufacturing, selling of liquor, firearms and lottery
tickets.
 Having a website in the day and age of technology is important as it provides
the business a platform where the consumers can seek out to the company to
know details about the business, the industry they work in and about the
product and service of the company.
Answer 3
Part A
For entrepreneurship business, having a sound management is important. There must
be a business culture that must be there in an entrepreneur business. As the company is in the
initial days the management, system of it is different from that of an established company.
Management system in an entrepreneurship must be a system that creates synergy in the
working sphere, works towards the betterment of the company and the society (Geisler and
Wickramasinghe 2015). The management that is perceived in the entrepreneurship business is
how the managers help in solving the problems that the employees face.

7ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
Part B
Panning is the step to create a detailed proposal for the business to attain the business
goals and objectives (Rothaermel 2016). Before starting a business the company must chalk
out a plan on how it will grow. Functional area in planning include:
 Strategy: Having a strategy is important as it is the base on which the company
perfroms its obejctives. A well planned strategy must be there so that it is
easier for the company to reach its target in a more efficient manner
 Marketing: A plan on how to market the business must ready before the
company launches the product in the market. A marketing plan will help the
usiness in getting more customers and reaching out to more potential
customers.
 Technology: A technology plan must be prepared by the company on how it
will use the technology and resources to the maximum for more production to
meet the demand of the market.
 Operations: A plan on how the operations will take place must be in order, as
it is how the business will produce, deliver and market the product. It is one of
the main steps that is required by the business.
 Finance: A business must plan out the finances, that is from where the income
will come and how the expenses will be managed by the business.
Staffing is also one of the most important areas in an entrepreneurship business
(Phillips and Gully 2015). Functional areas of staffing include:
 Recruitment: The Company must recruit people that are highly
motivated and want to work towards the goal and the objective of the
company.

8ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
 Compensation: The company must have benefits and compensations
for the employees for them to be motivated and work harder.
 Training: The company must train the staff for them to understand the
working of the company and how the work should be done.
 Retention of the employees: The main problem that organisations face
is the turnover of employees. Businesses must strive to retain their
employees as hiring new employees is costly for the consumers.
 Development of the Organisation: The company must help the
employees in striving towards development of the organisation in order
to attain its goal and reach beyond it.

9ENTREPRENEUR SKILL WHEN PRODUCT DESIGN FAILS
Reference
Flöter, T., Benkenstein, M. and Uhrich, S., 2016. Communicating CSR-linked sponsorship:
Examining the influence of three different types of message sources. Sport Management
Review, 19(2), pp.146-156.
Geisler, E. and Wickramasinghe, N., 2015. Principles of Knowledge Management: Theory,
Practice, and Cases: Theory, Practice, and Cases. Routledge.
Gottschalk, M., 2018. The shadow welfare state: Labor, business, and the politics of health
care in the United States. Cornell University Press.
Kolk, A., 2016. The social responsibility of international business: From ethics and the
environment to CSR and sustainable development. Journal of World Business, 51(1), pp.23-
34.
Levie, J., Autio, E., Acs, Z. and Hart, M., 2014. Global entrepreneurship and institutions: an
introduction. Small business economics, 42(3), pp.437-444.
Phillips, J.M. and Gully, S.M., 2015. Strategic staffing. Pearson Higher Ed.
Rothaermel, F.T., 2016. Strategic management: concepts (Vol. 2). McGraw-Hill Education.